About Karur Vysya Bank

Karur Vysya Bank is one of the banks that started its journey before India got its independence and has come to a level where everyone recognizes it as one of the leading banks in India. Since the year 1916, when the bank was established, there has been so many changes in the banking industry be it making affordable products or giving the facility of online services. Karur Vysya Bank has been working with towards the welfare of the people in both economic as well as social terms.

Talking about the business made by the bank, the numbers are as high as ₹89,555 crores with the total deposits of ₹50,079 crores and total advances at ₹39,476 crores. Karur Vysya Bank is one of the oldest private sector banks in India and also one of the largest in Tamil Nadu providing internet banking and mobile banking facilities to the customers of India. The bank is also known for its cash deposit machines (CDM) a major technology initiative taken only by few banks in India. Focusing on the products and services provided by the bank, the list includes investment banking, commercial banking, retail banking, private banking, asset management, mortgages, gift cards, multicurrency travel cards, prepaid cards, KVB e-Book mobile app, and credit cards. The loans and investment products offered by the bank are also one of the most demanding loans in the present market scenario. Home loans, personal loans, car loans, business loans, mortgage loans, etc. are some of the most affordable loans that come with a lower rate of interest and a higher loan amount facility. Read this article to know in detail about each product offered by Karur Vysya Bank in the Chandigarh city.

Branch Details of Karur Vysya Bank in Chandigarh

Branch Name

Complete Address

IFSC

MICR

Contact Number

Chandigarh

SCO No:52 & 53, Kribhco Bhawan, Sector 34 A, Chandigarh-160022

KVBL0004202

160053002

1860 200 1916

Products Offered by Karur Vysya Bank in Chandigarh

Karur Vysya Bank provides a wide array of products that are designed by keeping in mind the financial needs and affordability of the customers. The bank is one of the best loan providers when it comes to home loans, personal loans, car loans, business loans, education loans, etc. with the combination of low-interest rates and higher loan amount facility. The loan interest rates of Karur Vysya Bank are one of the lowest in the market. Other than the finance products, the bank offers investment products like fixed deposits that give higher returns on the saving amount. You can easily apply for any product at the bank if you have met the eligibility criteria as per the bank’s norms. Having said that, different products have different eligibility criteria. So, read this article to know about the important details like the eligibility criteria, maximum and minimum amount, interest rate, tenure, processing fees, and documentation required for each of the products. So, have a look at the below details that comprises of the product details of Karur Vysya Bank in the Chandigarh city.

Basic Details of Karur Vysya Bank Products

Product

Eligibility

Amount

Interest Rate

Processing Fee

Tenure

Home Loan

All Resident Individuals and HUF (opening through Kartas) .NRI ‘s can also avail the loan under KVB – Gruhapravesh.In case of Salaried Persons: Salary certificate for the last 6 Months to be submitted along with certificate from the Employer.In case of Self Employed: Latest ITR/Income Statement to be submitted.The Net Take Home pay after deducting the proposed Loan Installments shall be at least 40% of gross pay.For the purpose of Maximum loan eligibility Income of the spouse may be added.Agriculturist may also avail the loan with proper proof of income (IT Return)Loan may be granted to purchase vacant land provided they should begin construction within 6 months from the date of availing the loan.No prepayment charges will be levied.

No upper limit

8.65% - 9.00%

Up to ₹12500/- + ST

Up to 25 years

Personal Loan

Age at least 21 and less than 58 yearsApplicant must be an Indian resident or a person residing in India

As per Bank’s norms

13.15% - 15.65%

0.40% of the loan amount

Up to 3 years

Car Loan

The Net Take Home pay after deducting the proposed Loan Installments shall be at least 25% of gross pay.

As per the profile of the applicant

9.35% - 12.60%

₹4000/- + ST

Up to 7 years

Business Loan

Existing Micro & Small manufacturing & service units (other than traders), whose turnover is less than ₹100 lakhs in the previous financial year (with minimum one year of existence)

Up to ₹20 lakhs

13.20%

Waiver of charges for loans upto Rs.5 lacs as per RBI norms

Up to 7 years

Fixed Deposit

IndividualsHUFTrustPartnership firmsCompaniesAssociations etc.

Minimum ₹100

5.00% - 7.50%

NA

Up to 10 years

Education Loan

It is a term loan given for studies in India and abroad.

Students who are Indian nationals and have secured admission to professional/ technical courses in India through a common Entrance Test, or who have secured admission to a foreign University or Institution.

The Father or guardian of the student will be the guarantor in case of individual applicants.

As per the profile of the applicant

11.70%-12.70%

NIL

In 5-7 years after repayment holiday (course period and 1 year or 6 months after getting job whichever is earlier)

Mortgage Loan

Only Resident Individuals are eligible for this loan.

The loan shall be granted for general purposes like Personal, Consumption, Education, Health, Business, etc., other than speculative purposes.

The property should be owned by Individuals only and if owned jointly, Title holders to join as Co applicants.

Eligibility shall be arrived based on the latest three years average income, as declared in ITR.

Minimum Income of ₹15000.00 per month.

Mandatory undertaking from the borrower/s to effect that the loan/limit will not be for speculative purposes.

₹10.00 Lakhs

12.45%

0.50% of loan amount

Up to 100 months

Documents Required

You can have a look at the documentation required for each product offered by the Karur Vysya Bank. An applicant must have the below documents to get hassle free approval from the bank.

Product

Documents

Home Loan

Identity ProofAddress ProofProcessing fee chequeIncome ProofLoan application formOCC / LC / BG: Residential / commercial / industrial land and building property with a minimum 100% of aggregate exposure or CGTMSE coverHPL(M): Residential / commercial / industrial land and building property with a minimum 100% of aggregate exposure or CGTMSE coverSOD-RE: Entire current assetsIf immovable properties are not sufficient to cover the required margin, Term Deposits / NSCs / Life Insurance Policies (all or any of them) may also accepted to cover the difference amount. However, third party instruments are not acceptable.Leased industrial property may also be accepted, if the lease period is 30 years and above (perpetual lease) with mortgage rights in the lease deed.

Personal Loan

Identity ProofAddress ProofProcessing fee chequeIncome ProofLoan application formThe Net Take Home pay after deducting the proposed Loan Installments shall be at least 25% of gross pay.Salary certificate is must to establish repayment capacity.

For Self Employed Individuals:Identity ProofAddress ProofProcessing fee chequeIncome ProofLoan application formIT returns to ensure income and repayment capacity.Branches shall verify credit worthiness, integrity, local standing and repayment capacity of the borrower before entertaining the proposals under the SchemeAn undertaking from the employer to deduct loan installments and interest from the salary of the borrower in case of salaried employees shall be insisted onNSC/KVP/LIC Policies, Bank Deposits, Land & Building etc., subject to the satisfaction of the bank.

Car Loan

Identity ProofAddress ProofProcessing fee chequeIncome ProofLoan application formPayment directly to seller by way of DD/NEFT/RTGS/ Account credit/ etc.,An undertaking from the employer to deduct loan installments and interest from the salary of the borrower in case of salaried employees shall be insisted on.

Letter of admissionDuly filled and signed loan application form2 recent passport size photographsStatement of cost of studyPAN Card, AADHAR card of student and parent/guardianProof of identity and proof of residenceIT returns or IT assessment order of previous two years of the co-borrowerStatement of assets and liabilities of parent/guardianProof of income of parent/guardian

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